Bombay HC Quashes Section 263 Revision as AO Conducted Due Inquiry

PCIT-8 Vs Sumatichand Tolamal Gouti (Bombay High Court) The Bombay High Court addressed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against a decision by the Income Tax Appellate Tribunal (ITAT). The core issue was whether the ITAT was justified in overturning the PCIT’s order, which had invoked Section 263 of the Income Tax Act to revise an assessment order. The case involved Sumatichand Tolamal Gouti, an individual who, during the Assessment Year 2010-11, had incurred a significant expenditure of ₹10.4 crore to acquire marketing rights for CDs related to Jain r...